Money lending apps now 211, says FCCPC

The Federal Competition and Consumer Protection Commission (FCCPC) has revealed that it has registered and approved 211 loan apps, by the end of October 2023.

The commission, in a statement over the weekend, said the 211 companies comprise 172 that have received full approval from it and 39 others with conditional approval.

Daily Trust reports that the FCCPC had developed the Limited Interim Regulatory/Registration Framework and Guidelines for Digital Lending, 2022, in partnership with the Joint Task Force (JTF) to support equitable, open and advantageous lending alternatives for Nigerians.

“The unsettling operations of loan apps in the nation, particularly, the illicit ones, due to claims of unfair practices and rights abuses, among other things, also made registration necessary.”

Meanwhile, the number of loan apps under the watchlist increased from 55 in September to 84 as of October.